INDICATORS OF EVALUATION OF EFFICIENCY OF DEVELOPMENT OF HOTEL ENTERPRISES

Array

Authors

  • M. Shemet O.M. Beketov National University of Urban Economy in Kharkiv
  • O. Kolontaievskyi O.M. Beketov National University of Urban Economy in Kharkiv

Keywords:

hotel enterprises, investment efficiency, net present value, return on investment index, return on investment

Abstract

The purpose of the article is to determine the system of indicators for assessing the effectiveness of hotel enterprises. It is determined that the main criterion of the value of the investment project is the criterion of net discounted income. It is noted that the modified internal rate of return (MIRR) eliminates the lack of internal rate of return of the project, which occurs in the case of repeated outflows.

It is noted that today there is no single approach to assessing the effectiveness of investment in hotel enterprises in accordance with the forms of ownership and their size, which is due to the need to ensure compliance with performance evaluation criteria and a system of indicators.

Statistical and dynamic indicators of investment evaluation are considered

Indicators are analyzed: simple (accounting) rate of return on the project (ARR), payback period (PP)

Performance indicators taking into account the time factor are considered: discounted payback period (DPP), net discounted income (NPV), discounted profitability index (DPI), internal rate of return (IRR) and some others.

The disadvantage of the discounted payback period has been identified - it does not take into account subsequent cash inflows, and therefore may serve as an incorrect criterion for the attractiveness of the project.

The main advantages of static and dynamic indicators of investment project efficiency assessment are determined.

It is noted that one of the main criteria of investment advantage of a project is profit maximization.

Break-even analysis allows you to calculate the volume of sales at which the company's income equals costs.

It is proposed to use the indicator modified internal rate of return (MIRR)

It is determined that the most popular methods of assessing the effectiveness of the investment project today are the definition of such static indicators as simple rate of return, simple payback period and dynamic indicators, namely: discounted payback period, net present value, profitability index, internal rate of return and modified internal rate profitability. The most accurate results are given by dynamic indicators, as they take into account the value of money over time. Although dynamic methods are more accurate, all the considered methods of evaluating the effectiveness of the investment project have their pros and cons.

Author Biographies

M. Shemet, O.M. Beketov National University of Urban Economy in Kharkiv

Student

O. Kolontaievskyi, O.M. Beketov National University of Urban Economy in Kharkiv

PhD in Economics, Associate Professor

References

1. Khryniuk O.S. Metodychni pytannia otsinky efektyvnosti vyrobnychoi diialnosti pidpryiemstva / O.S. Khryniuk, T.I. Hrymashevych // Pidpryiemnytstvo ta innovatsii. – 2017. – Vyp. 3. – S. 78–83.
2. Hrechko A.V. Otsinka efektyvnosti vyrobnychoi diialnosti pidpryiemstva / A.V. Hrechko, A.S. Hrechukhin. // Efektyvna ekonomika. – 2016. – № 1. – URL: http://nbuv.gov.ua/UJRN/efek_2016_1_35
3. Miasoid H.I. Metodyka otsiniuvannia uspishnosti hotelnoho pidpryiemstva // Implementation of modern science into practice. Abstracts of I International Scientific and Practical Conference. SH SCW "NEW ROUTE" Varna, Bulgaria. 2020. Pp. 21–27.
4. Danko N.I. Otsinka ekonomichnoi efektyvnosti investytsii u hotelnyi biznes / N.I. Danko, V.P. Novikova // Visnyk Kharkivskoho natsionalnoho universytetu imeni V.N. Karazina. Seriia : Mizhnarodni vidnosyny. Ekonomika. Krainoznavstvo. Turyzm. – 2017. – Vyp. 6. – S. 153–160.
5. Lysiuk T.V. Efektyvnist innovatsiinykh proektiv hotelno-restorannykh pidpryiemstv / T.V. Lysiuk, O.S. Tereshchuk, Kh.I. Klitiuk // Visnyk Odeskoho natsionalnoho universytetu. Seriia : Ekonomika. – 2017. – T. 22, Vyp. 8. – S. 76–80.
6. Proektuvannia hoteliv : navch. posib. [dlia stud. vyshch. navch. zakl.] / A.A. Mazaraki, M.I. Peresichnyi, S.L. Shapoval ta in. ; za red. A.A. Mazaraki. – K. : Kyiv. nats. torh.-ekon. un-t, 2012. – 340 s.
7. Chorna M.V. Proektnyi analiz – Kharkiv: Konsum, 2003. – 228 s.
8. Khobta V.M. Optymizatsiia kapitalovkladen na osnovi intehralnoi otsinky efektyvnosti investytsii [Elektronnyi resurs] / V.M. Khobta, Yu.Yu. Bondarenko. – URL: http://archive.nbuv.gov.ua/portal/Soc_Gum/VSUNU/2012_11_1/Chobta.pdf
9. Mamotenko D.Yu. Otsinka efektyvnosti investytsiinykh proektiv / D. Yu. Mamotenko // Visn. Nats. un-tu "Lviv. politekhnika". – 2008. – № 628. – S. 209–215.
10. Ekonomichna efektyvnist proektnykh rozrobok [Elektronnyi resurs]. – URL: https://web.posibnyky.vntu.edu.ua/fmbt/varchuk_avtomobili_avtomobilne_gospodarstvo/56.htm

Downloads

Published

2020-11-27

How to Cite

Shemet, M., & Kolontaievskyi, O. (2020). INDICATORS OF EVALUATION OF EFFICIENCY OF DEVELOPMENT OF HOTEL ENTERPRISES: Array. Municipal Economy of Cities, 7(160), 48–52. Retrieved from https://khg.kname.edu.ua/index.php/khg/article/view/5702

Issue

Vol. 7 No. 160 (2020): Series: Economic science

Section

статьи

License

The authors who publish in this collection agree with the following terms:
• The authors reserve the right to authorship of their work and give the magazine the right to first publish this work under the terms of license CC BY-NC-ND 4.0 (with the Designation of Authorship - Non-Commercial - Without Derivatives 4.0 International), which allows others to freely distribute the published work with a mandatory reference to the authors of the original work and the first publication of the work in this magazine.
• Authors have the right to make independent extra-exclusive work agreements in the form in which they were published by this magazine (for example, posting work in an electronic repository of an institution or publishing as part of a monograph), provided that the link to the first publication of the work in this journal is maintained. .
• Journal policy allows and encourages the publication of manuscripts on the Internet (for example, in institutions' repositories or on personal websites), both before the publication of this manuscript and during its editorial work, as it contributes to the emergence of productive scientific discussion and positively affects the efficiency and dynamics of the citation of the published work (see The Effect of Open Access).